Houston, Dec. 22, 2014 (GLOBE NEWSWIRE) -- BPZ
Energy (NYSE: BPZ) (BVL: BPZ), an independent oil and gas
exploration and production company, today provided initial
production rates from the Corvina CX15-14D
development well completed in early December. The well was
drilled to a total measured depth of 7,845 feet and completed in
six weeks. For the last 10 days, the well has averaged
approximately 600 bopd, or 306 bopd net to BPZ. For the last
24 hours, the well has averaged 645 bopd, or 329 bopd net to
BPZ.
The CX15-14D well is located to the west of the
six previously drilled CX-15 wells. The well encountered
continuity of sands and higher reservoir pressures, as
expected. Following this reservoir trend, the
CX15-8D development well spud on December 11 and
targets an area southwest of the CX15-14D. Estimated total
measured depth of this new well is 9,600 feet which will target the
Upper Zorritos formation where sands from other Corvina wells are
producing, as well as evaluate the potential of the deeper Middle
Zorritos. The CX15-8D well results are expected in February
2015.
The Albacora A-27D development
well, drilled to approximately 14,500 feet, is expected to be
placed on production this month, and due to testing of potential
new deeper zones, results are now expected in January 2015.
Block Z-1 production from the
Corvina and Albacora fields for the fourth quarter period through
December 21, 2014 has averaged approximately 5,326 bopd gross, or
2,716 bopd net to BPZ, which is above third quarter levels.
Production for the last 24 hours has averaged 5,513 bopd gross, or
2,812 bopd net to BPZ.
Manolo Zuniga, President and CEO
commented, "We are very pleased to bring another well
online at the Corvina field and look forward to the Albacora A-27D
well results and its potential impact on reserves. Work
continues on the 2015 capital and exploratory budget, which we
expect to share once finalized. Given the lower oil price
environment we are carefully reviewing our 2015 plans."
ABOUT BPZ ENERGY
BPZ Energy is an independent oil and gas
exploration and production company with license contracts covering
1.9 million net acres in four blocks located in northwest
Peru. Current operations in these blocks range from
early-stage exploration to production. The Company holds a
51% working interest in offshore Block Z-1, where development
drilling is currently underway at the Corvina and Albacora
fields. Onshore, the Company holds 100% working interests in
Blocks XIX, XXII and XXIII which total 1.6 million acres. In
southwest Ecuador, the Company owns a non-operating net profits
interest in a producing property. BPZ Energy trades as BPZ
Resources, Inc. on both the New York Stock Exchange and the Bolsa
de Valores in Lima under ticker symbol "BPZ". Please visit
www.bpzenergy.com for more
information.
FORWARD LOOKING STATEMENT
This Press Release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These forward
looking statements are based on our current expectations about our
company, our properties, our estimates of required capital
expenditures and our industry. You can identify these
forward-looking statements when you see us using words such as
"will," "expected," "estimated," and "prospective," and other
similar expressions. These forward-looking statements involve
risks and uncertainties.
Our actual results could differ materially from
those anticipated in these forward looking statements. Such
uncertainties include successful operation of our new platform in
Corvina, the success of our project financing efforts, accuracy of
well test results, results of seismic testing, well refurbishment
efforts, successful production of indicated reserves, satisfaction
of well test period requirements, successful installation of
required permanent processing facilities, receipt of all required
permits, the successful management of our capital expenditures, and
other normal business risks. We undertake no obligation to
publicly update any forward-looking statements for any reason, even
if new information becomes available or other events occur in the
future.
CAUTIONARY STATEMENT REGARDING CERTAIN
INFORMATION RELEASES
The U.S. Securities and Exchange Commission
(SEC) permits oil and gas companies, in their filings with the SEC,
to disclose only "reserves" that a company anticipates to be
economically producible by application of development projects to
known accumulations, and there exists or is a reasonable
expectation there will exist, the legal right to produce, or a
revenue interest in the production, installed means of delivering
oil and gas or related substances to market, and all permits and
financing required to implement the project.
We are prohibited from disclosing estimates of
oil and gas resources that do not constitute "reserves" in our SEC
filings, including any estimates of prospective resources included
in this press release. We may use certain terms in this
press release such as "prospective" resources which imply the
existence of quantities of resources which the SEC guidelines
strictly prohibit U.S. publicly registered companies from including
in reported reserves in their filings with the SEC. With
respect to "probable" and "possible" reserves, we are required to
disclose the relative uncertainty of such classifications of
reserves when they are included in our SEC filings. The definition
of prospective resources has been excerpted from the Petroleum
Resources Management System approved by the Society of Petroleum
Engineers (SPE) Board of Directors, March 2007. Prospective
resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects.
Prospective resources have both an associated chance of discovery
and a chance of development. Prospective resources are
further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and
development and may be sub-classified based on project
maturity. Further, the reserves estimates contained in this
press release are not designed to be, nor are they intended to
represent, an estimate of the fair market value of the
reserves.
The Company is aware that certain information
concerning its operations and production is available from time to
time from Perupetro, an instrumentality of the Peruvian government,
and the Ministry of Energy and Mines ("MEM"), a ministry of the
government of Peru. This information is available from the
websites of Perupetro and MEM and may be available from other
official sources of which the Company is unaware. This
information is published by Perupetro and MEM outside the control
of the Company and may be published in a format different from the
format used by the Company to disclose such information, in
compliance with SEC and other U.S. regulatory requirements.
Additionally, the Company's joint venture
partner in Block Z-1, Pacific Rubiales Energy Corp. ("PRE"), is a
Canadian public company that is not listed on a U.S. stock
exchange, but is listed on the Toronto (TSX), Bolsa de Valores de
Colombia (BVC) and BOVESPA stock exchanges. As such PRE may
be subject to different information disclosure requirements than
the Company. Information concerning the Company, such as
information concerning energy reserves, may be published by PRE
outside of our control and may be published in a format different
from the format the Company uses to disclose such information,
incompliance with SEC and other U.S. regulatory requirements.
The Company provides such information in the
format required, and at the times required, by the SEC and as
determined to be both material and relevant by management of the
Company. The Company urges interested investors and third
parties to consider closely the disclosure in our SEC filings,
available from us at 580 Westlake Park Blvd., Suite 525, Houston,
Texas 77079; Telephone: (281) 556-6200. These filings can
also be obtained from the SEC via the internet at www.sec.gov.
###
CONTACT: Rick Menniti
Chief Financial Officer
1-281-752-1245
rick_menniti@bpzenergy.com
A. Pierre Dubois
Director, Investor Relations & Corporate Communications
1-281-752-1240
pierre_dubois@bpzenergy.com